Mumbai-based venture capital firm Blume Ventures is a well-known name in the Indian startup ecosystem. According to Inc42 Data Labs, it is also one of the most active VC firms in India. It has been fuelling startups for seven years now, which may not seem significantly long, but these years have coincided with the phenomenal boom of startups in India. So, the VC firm has had a steep and fast learning curve.
Sanjay Nath and his co-founder Karthik Reddy, who established Blume Ventures in 2011, have been busy. A couple of years ago, Blume was trying to raise $30 Mn for its Fund Two and wanted to invest in 35-35 startups. Today, Blume Ventures is working on raising $80 Mn for Fund Three and has already invested in 75 portfolio companies.
Blume’s portfolio is primarily dominated by B2C firms, including the likes of Cashify, Dunzo, Printo, Unocoin, HelathifyMe, and BEE-Hive workspace. Blume has also upped the ante for its B2B investments and appointed ex-IBM veteran Radhesh Kanumury as Venture Advisor. Kanumury earlier ran the startup initiative of IBM India.
To learn more about what Blume has in store for startups, Inc42 spoke with Sanjay Nath, co-founder and Managing Director of Blume Ventures, while he was on his way to the airport to catch a flight to the US. Prior to starting Blume, Nath was an advisor at Grey Orange and a seed investor at Inmobi. Sanjay, who had returned from Hong Kong only a few days earlier, had just 30 minutes and we dived straight in.
Nath shared that Blume Ventures continues its focus on B2C startups and that it is also open to the B2B enterprise-tech segment, but believes opportunities of scalability in the space are limited at present. Other areas Blume is keen on are healthcare, fintech, and AI-driven startups. Nath also spoke about how Blume Ventures’ alliance with Draper Venture Network (DVN) is helping its startups access markets in Silicon Valley and Japan.